Elimination of arbitrage states in asymetric information models
Résumé
In a financial economy with asymmetric information and incomplete markets, we study how agents, having no model of how equilibrium prices are determined, may still refine their information by eliminating sequentially "arbitrage state(s)", namely, the state(s) which would grant the agent an arbitrage, if realizable.
Origine | Accord explicite pour ce dépôt |
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